Ann: Market Update on Takeover of Tennant Creek JV Partner, page-5

German Wealth and Asset Management Bank (Berenberg) raises target price of Pan Africa following acquisition of TCMG.

The German bank, which reiterated its 'buy' rating on Pan African, expects the site's potential life to be extended to eight years, roughly 100,000 ounces of gold per year, approximately 10,000-15,000 tonnes of copper, and "other upside opportunities".

Don't know where the production figures come from (presumably they do) but if they are correct do the math.

100,000 oz per year x Gold Price ($3500 Aus to be conservative) x 6%(royalty) = AU$21million p/annum x 8 years = Au$168 Million.